April 20, 2024
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OIL & GAS

Nigeria’s Oil Production Decline by 7.3% in February – OPEC

Nigeria’s crude oil production witnessed a drop of 7.3% in February 2024, according to data directly sourced from OPEC’s Monthly Oil Market Report (MOMR) for March.

Output fell to 1.322 million barrels per day (mb/d) in February from 1.427 mb/d in January, marking a loss of 104,000 barrels per day throughout the month under review.

Nigeria, along with several other countries, received a lower crude oil output target after consistently failing to meet previous quotas. Its 2024 target was revised down to 1.38 million barrels from the previous year’s 1.74 million.

Over 81% of Nigeria’s Exported Products in Q4 is Petroleum Oils

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In November, President Bola Tinubu announced a conservative oil price benchmark of $77.96 per barrel and a daily oil production estimate of 1.78 million barrels, taking into account global oil market dynamics and domestic conditions.

Despite its struggle to meet OPEC’s quota, Nigeria retained its status as Africa’s largest oil producer among the continental members of the oil bloc. Its closest competitor on the continent was Libya, with an oil production of 1.17 mb/d in February, followed by Algeria at 906,000 barrels daily.

The report also indicated that global oil production from non-OPEC producers is projected to increase by 1.1 million barrels daily in 2024.

Meanwhile, OPEC countries are expected to achieve a daily output of 64,000 barrels, averaging around 5.5 million barrels for the year.

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